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DEVELOP GLOBAL LIMITED — Regulatory Filings 2020
Dec 6, 2020
64801_rns_2020-12-06_5bb2032d-8e56-44a6-9ccb-e1be4d3338a2.pdf
Regulatory Filings
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ASX/Media Release
7 December 2020
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ASX: VXR
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WHIM CREEK JOINT VENTURE INITIAL EARNIN COMPLETED
Venturex Resources Ltd ( Venturex or the Company ) (ASX: VXR) advise that Anax Metals Ltd (ANX) (ASX: ANX) has completed their Initial Earn-in Interest by spending $1m on project expenditure.
With the Initial Earn-in Interest now completed, the formation of the Whim Creek Joint Venture has been formalised and pursuant to the terms of the Joint Venture Agreement, ANX holds an initial 40% JV interest.
As previously advised, in consideration for the grant of the earn-in rights, ANX has paid Venturex a deposit of $150,000 and will pay three deferred annual cash payments of $1 million each commencing on the second anniversary of the JV commencement date.
In addition, ANX is required to spend a total $4 million on project expenditure within four years.
Further, provided ANX holds 70% or more JV interest, ANX will:
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(a) assume 100% of a legacy payment of $3.5 million to a third party on mining from Whim Creek; and
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(b) will free-carry Venturex’s 20% interest through to a decision to mine.
Authorised for release to the ASX by Anthony Reilly, Executive Director.
For further information, please contact:
Investors
Anthony Reilly Venturex Resources Limited Ph: +61 8 6389 7400 Email: [email protected]
Media
Nicholas Read Read Corporate Ph: +61 8 9388 1474 [email protected]
About Venturex Resources Limited
Venturex Resources Limited (ASX: VXR) is an exploration and development company with two advanced copper-zinc projects near Port Hedland in the Pilbara region of Western Australia. The two projects are the Sulphur Springs Project which includes the Sulphur Springs and Kangaroos Caves deposits, plus 27km of prospective tenements on the Panorama trend; and the JV on the Whim Creek Project, which includes the Resources at the Whim Creek, Mons Cupri and Salt Creek mines together with the Evelyn project and 18,100 ha of prospective tenements over the Whim Creek basin. The Company’s focus is to finance its flagship Sulphur Springs Project, paving the way for its transformation into a new mid-tier ASX-listed base metal producer in the medium term. This will position it to be a long-term supplier of copper and zinc to global markets at a time when significant shortfalls are expected for both metals, especially copper.
Venturex Resources Limited ABN: 28 122 180 205 Level 2, 91 Havelock Street, West Perth WA 6005 | PO Box 585, West Perth WA 6872 T: +61 8 6389 7400 | [email protected] |www.venturexresources.com
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